Question: Witt Corporation received its charter during January 2014 The charter

Witt Corporation received its charter during January 2014. The charter authorized the following capital stock:Preferred stock: 10 percent, par $10, authorized 21,000 sharesCommon stock: par $8, authorized 50,000 sharesDuring 2014, the following transactions occurred in the order given:a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share.b. Sold 5,500 shares of the preferred stock at $16 per share.c. Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26.d. Net income for the year was $96,000.

Required:Prepare the Stockholders’ Equity section of the balance sheet at December 31, 2014.